Middle East Economic Survey

VOL. XLVIII

No 27

4-July-2005

WTI Tops $60/B On Iran Concerns Before Stockbuild Triggers Decline

WTI reached a new high of $60.95/B and Brent peaked at $59.59/B in trading on 27 June. A buying spree by speculators expecting continuing tight markets was exacerbated by concerns for Iranian oil exports after the country on 24 June chose hardliner Mahmoud Ahmadinejad as its next president. The vote re-established Iran alongside Iraq, Venezuela and Nigeria as countries to be...